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Medical Devices Vigilance Market 2020 growth factors, latest trend and regional analysis of leading players by 2025

Author : Ronak Bora | Published Date : 2020-09-17 

Medical Devices Vigilance Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Increasing cases of medical recalls and rising incidences of adverse effects associated with medical devices are poised to drive the growth of medical devices vigilance market. According to Food and Drug Administration, a medical recall is a situation when a manufacturer takes a removal or correction action to address a problem linked with a medical device violating the FDA law. A recall occurs when a medical device is either defective or a risk to health or both defective as well as risk to health.

Such situations prompt the need for medical devices vigilance systems to improve the health and safety of patients. Medical device vigilance is a process of collecting, assessing and reporting trends in incidents arising from the usage of medical devices. In the European Union, CE markings are affixed on the devices and strict regulations regarding the registration and surveillance are followed.

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Presence of such stringent regulations for safeguarding the health of patients and the need to identify the adverse medical incidents have led to extensive adoption of software solutions for medical devices vigilance. It provides the companies with an understanding of the device performance when placed in market and obtaining a continuous feedback in order to maintain the quality standards. For instance, PvEdge, a software solution by Sarjen Systems enables the registering, tracking, maintaining and analysis of events of medical adversity as well as device malfunction.

Based on the estimates of GMI. Inc., medical devices vigilance market is poised to surpass USD 91.5 billion by 2025.

Rapid development of advanced healthcare IT systems like vigilance solutions could propel the demand for medical devices vigilance platforms in North America. Earlier in 2018, the region had controlled more than 33% of the overall market revenue share and is expected to observe tremendous growth over the forthcoming years. The region also has a strong presence of key industry players.

Active participation from federal agencies to minimize medical device-related fatalities could broaden the business horizon for industry players. For example, a collection of six cybersecurity vulnerabilities was detected in a series of GE Healthcare devices by healthcare cybersecurity provider, CyberMDX in January 2020. The US Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) promptly disclosed this information.

Rapid expansions of research organizations across Asia Pacific could drive the adoption of advanced medical software. Forecasters claim that the Asia-Pacific medical devices vigilance industry might register a CAGR of more than 9% within the study timeframe. Rising cases of medical device-related accidents in the region could enhance the demand for these products. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/medical-devices-vigilance-market

Partial Chapter of the Table of Content 

Chapter 4. Medical Devices Vigilance Market, By Delivery Mode

4.1. Key segment trends

4.2. On-premise

4.2.1. Market size, by region, 2014 – 2025 (USD Million)

4.3. On-demand or cloud-based (SaaS)

4.3.1. Market size, by region, 2014 – 2025 (USD Million)

Chapter 5. Medical Devices Vigilance Market, By Application

5.1. Key segment trends

5.2. Diagnostic

5.2.1. Market size, by region, 2014 – 2025 (USD Million)

5.3. Therapeutic

5.3.1. Market size, by region, 2014 – 2025 (USD Million)

5.4. Surgical

5.4.1. Market size, by region, 2014 – 2025 (USD Million)

5.5. Research

5.5.1. Market size, by region, 2014 – 2025 (USD Million)

5.6. Others

5.6.1. Market size, by region, 2014 – 2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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